/biz/ - Business & Finance

>>16232987
>you can make the micropayments offline
Nope, pic related. You MUST be online for micropayments on BTC.

lmao at your channel example. First of all you're going to need to setup a payment channel with the provider which is going to take at least three confirmations, all the while paying high fees to get there more so than your 10 cent payment. Sure does suck if you decide you hate the movie you picked an need to close the channel and make another slow high fee transaction to get out of it.

On Bitcoin the case is much differen't. I could setup a payment channel if I wanted, but since I'm only paying 1/10th of a cent anyway I probably won't bother and at scale it'll probably be more like 1/100 or 1/1000th of a cent to make a simple transaction. Also I get access to content instantly since Bitcoin has 0-conf. No need to wait for confirmation first like BTC.

>there is no added value in this case
>implying automated systems aren't more efficient and cheaper

>no such thing whatsoever. it also makes no sense.
Just because you're small brained and can envision people utilizing a blockchain for creative and innovative things doesn't mean entrepreneurs can't.

So here's the real crypto bluepill:

Craig Wright is unironically not Satoshi, the real Satoshi Nakamoto always wanted small blocks and segwit, "Peer to peer electronic cash" was simply a mistranslation of Japanese. Blockstream - funded by Bilderberg group - saved Bitcoin by refusing to raise the 1mb block cap, preventing the blockchain from becoming cripplingly large. If they had not done this the blockchain could be as large as 600gb today meaning that Bitcoin node operators would all have to pay for more storage space, leading to financial ruin and the death of the network.

Bitcoin as a store of value was just the first step, Blockstream is releasing the full version of the Lightning Network in 18 months, this will lead to a revolution in financial freedom and decentralisation by routing all payments through Lightning banking nodes, this is why Blockstream is so intent to lower the block size to 300kb to incentivise adoption.

Back to hash power, as the price and adoption of Bitcoin increases the blocksize will be gradually reduced to 0kb, closing off the blockchain completely, this will move all transactions onto Layer 2 (Layer 3 is also currently in development). With all transactions off-chain the greedy miners will have all their power removed and we will never see another hardfork ever again like the hard forking of 'Bitcoin Cash' and later 'Bitcoin SV' by the fraud Craig Wright (they have their own competing blockchain in the works), this will render the BTC protocol completely free from big blocker influence under the control of Blockstream.

Defend this.

When is this out?

Bakkt has tanked the market, nice 2 year long hype from Maxis.
What is the progress update on the ETH killer called Rootstock?

Was on a party last saturday friend of mine kept saying LN doesn’t scale lol. We did live test Blue wallet vs Handcash (he is pro bsv fraud coin). LN wallrt ended up with server 500 error but his payment eas instant. He kept insisting this centralized bsv works but i said its fast coz nobody uses it. Who was in the right, technically he btfoed me coz bluewallet was a fuck up

Is it?

What's the most money I can move on this in one transaction?

WE ARE THE LIGHTNINGPEDES!

Shill me Lightning. Pretend I'm a multinational billion dollar business.

Can we agree that this is a dead project?

EIGHTEEN MONTHS
>EIGHTEEN MONTHS
EIGHTEEN MONTHS
>EIGHTEEN MONTHS
EIGHTEEN MONTHS

>have to open a new channel with everyone you want to transact with
>have to close channels to actually receive bitcoin to use in other channels
>opening and closing channels are on-chain tx's that cost fees, which are most likely going to be very large with a 1MB blocksize
>when routing your payment through multiple people, each of the connections on the way has to have enough balance, it's not enough for just the original sender to have enough btc
>it literally says in the Lightning Network wp that " Eventually, with optimizations, the network will look a lot like the correspondent banking network"

How is this shit not going to lead to massive centralization? Is this really the Holy Grail that has been in development for who knows how many years and will supposedly save Bitcoin? Are we being cucked right under our noses?

Will holders of 10 BTC make it?

who here /accumulatingBTC/?

QUADS CONFIRM BTC $100K EOY

Just check his recent tweets

https://twitter.com/jack

I personally believe any form of layer 2 "lightning network" is using fake bitcoin and therefore will never see widespread adoption. They are also fucking impracticle. BTC does not need to be digital cash, but it should be the commodity that digital cash is pegged to.

First, lightning nodes must be preloaded with the balance of real BTC that it expects to use. Imagine preloading your coffee shop's lightning channel with enough BTC to buy a month's worth of coffee.. it's fucking annoying. And no you can't just send BTC to your lightning channel whenver you want to use it, because that defeats the whole point of lightning channels.

Not only this, but the only parts of a lightning channel that are settled on-chain is the opening and closing of the channel, essentially making this an IOU system even more faggy and pajeety than our current fiat lending system.. It requires large amounts of trust which is antithetical to bitcoin.. Fuck blockstream.

https://www.bogleheads.org/forum/viewtopic.php?f=10&t=269793

That forum is actually full of relatively savvy investors. The people there are much smarter and more mature than at reddit or most other message boards. And yet they are still clueless idiots when it comes to crypto. If you look at comments of more mainstream places it's even worse. You know I'm right. Yes, most of crypto is scams and bullshit. But the average idiot doesn't understand what is going on at all and is oblivious still.

Lightning is organically growing similar to how Bitcoin itself did early on. Don't knock it just because all the Bcash shills spread FUD. Lightning is actually awesome. And at the rate it's growing, it might just surprise people pretty soon.

Is this shit going to work bros?

An interesting counterargument to all the issues that btc currently has is a comparison to the early days of the internet where it was slow asf and people thought it would never have video/audio-playing capabilities